Algo is looking for a breakout, the whales are still slow - what's next?
Algo looks ready to #bounce as the TD Sequential indicator gave a buy signal on the daily chart.
The Funding Ratio for #ALGO futures is -0.0054, slightly negative, indicating that short positions are being paid for by longs. Algoland [ALGO] has been in the spotlight lately with the potential for a price bounce, as indicated by the TD Sequential indicator on the daily chart. The
hourly chart at the time of publication shows a consolidation phase with Algo testing the $0.4020 resistance level. After the fall, prices stabilized, indicating a possible build-up before attempting a breakout to higher levels. In addition, the MACD indicator shows a bullish crossover, with the MACD line exceeding the signal line, indicating that the bullish momentum is strengthening.
This bullish crossover, combined with the price approaching resistance, suggests that if Algo is able to break the current resistance level, it will be A successful breakout could pave the way for further bullish momentum.
The TD Sequential Indicator, highlighted by #Ali with an X on the daily chart of Argo. It indicates a buy signal. This signal usually indicates that the current downtrend has run out of steam and a reversal is possible. This is consistent with the current price movement and reinforces the suggestion of a possible price bounce A buy signal for
TD sequential suggests that the market may soon enter a phase more favorable to bullish sentiment, supporting the possibility of a future price bounce
ALGO is next Ready to Move The Funding Ratio for
ALGO futures is slightly negative at -0.0054 at the time of writing, indicating that short positions are paying for long positions. This tilts the market slightly to the bearish side in the short term. However, a bid-ask spread analysis shows significant volume on both sides of the market, indicating high liquidity.
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